Crypto firm My Big Coin founder gets more than eight years in prison for selling fraudulent virtual currency, among other crimes

Randall Crater, founder of cryptocurrency and virtual payments service My Big Coin, was sentenced in Boston federal court to 100 months in prison and three years of supervised release for marketing and selling fraudulent virtual currencies and operating an unlicensed virtual currency exchange. Crater was also ordered to forfeit $7.66 million, the amount of which will be determined at a later date. In July 2022, a federal jury found Crater guilty of four counts of wire fraud, three counts of illegal currency transactions and one count of operating an unlicensed money transmission business. My Big Coin was founded in 2013, and Crater used false statements to market the currency to investors between 2014 and 2017, earning more than $7.5 million from investors and clients, who he used to buy houses, cars and Over $1 million in antiques, art and jewelry. the